DescriptionA growing body of literature supports the positive effects of gratitude/appreciation on wellbeing. However, few studies have explored these relationships using the eight-aspect appreciation model (Adler & Fagley, 2005), in which gratitude is but one of multiple aspects of “appreciation.” This study explored the relations among the aspects of appreciation, life satisfaction, and materialistic values. Additionally, mediation models involving the three key variables of appreciation, life satisfaction, and materialistic values were tested. Finally, entitlement and meaning in life were included to provide additional validity information. Participants included 206 undergraduates at Rutgers University who completed an anonymous online survey. As expected, appreciation was correlated positively with life satisfaction (r = .386, p < .001). Although significant correlations were not found for the materialistic values total score, its Happiness subscale, which represents the belief that happiness is achieved through possessions, was significantly negatively correlated with appreciation (r = -.191, p = .006) and life satisfaction (r = -.281, p < .001), and this subscale was thus the aspect of materialism examined in the mediation analyses. All mediation models were significant, such that life satisfaction mediated the relation between appreciation and materialism (Z = -2.892, p < .01), materialism mediated the relation between appreciation and life satisfaction (Z = 2.182, p < .05), and appreciation mediated the relation between materialism and life satisfaction (Z = - 2.416, p < .01). Additionally, the “have” focus aspect of appreciation had the largest correlation with life satisfaction (r = .474, p < .001) and with the appreciation total score (r = .916, p < .001), indicating that a greater focus on what one has is associated with greater life satisfaction and suggesting that “have” focus may be a key component of overall appreciation. Results from this study point to the positive relationship between appreciation and better quality of life. Further, findings suggest that increasing one’s appreciation may help minimize the materialistic emphasis on happiness through acquisition, and that reducing one’s belief in happiness through material goods may foster greater appreciation and satisfaction with life.